The HDB House Safety Scheme (HPS) is a compulsory mortgage-decreasing insurance policy plan administered from the CPF Board, designed to guard HDB flat homeowners as well as their families from dropping their home really should they grow to be struggling to services their housing financial loan as a result of Demise or a total everlasting incapacity prior to the age of sixty five. The scheme is Obligatory for flat proprietors who use their CPF savings to pay for his or her month to month personal loan installments. HPS premiums are compensated yearly with the policyholder's CPF Normal Account, Along with the Price based on factors including age, gender, personal loan sum, and repayment period of time. The plan's protection sum is pegged to your excellent housing bank loan, and it decreases more info eventually because the bank loan is paid out down. Entrepreneurs who wish to be exempted from HPS can apply for a waiver by demonstrating they've got enough protection from other resources, for instance A personal life insurance policy or an endowment coverage.